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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Thursday, 8 September 2011
How To Use HMRC To Launder Money
“Organised criminals set up or take over legitimate companies and predict excessive corporation tax profits for the company year. The companies pay large sums in provisional tax based on predicted profits, with these monies having been derived from criminal activity. Later, the company’s accountant approaches the tax authority to explain that profits had been far lower than anticipated and in this way obtain a tax rebate.
The second way in which HMRC has found itself penetrated by criminals for money laundering purposes takes place with the active encouragement and support of the Government.
Since 2007 HMRC has offered taxpayers a variety of different disclosure opportunities to encourage the voluntary disclosure of taxable income on hidden assets in return for beneficial tax treatment. The opportunity presented to money launderers to legitimatise the monies from their illegal activities and bring them into the financial system is colossal”.
HMRC are of the view that he doesn't know what he is talking about, and told the Telegraph:
"This is complete nonsense, there is not a shred of evidence to support these claims. HMRC has robust measures in place to prevent fraud against the tax system."
Herein I would like to ask my loyal readers, how robust are the anti money laundering measures at HMRC then?
Tax does have to be taxing.
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